The former Little Frankie’s restaurant in Derby’s Cathedral Quarter looks set to be converted into apartments after the building was successfully sold at auction.
The four-storey property in Cornmarket, which has planning permission to be converted into seven apartments and two shops, fetched its guide price of £350,000.
Leeds-based Halbert Ltd secured the green light for the plans in October. Rather than carry out the work itself, the company sought a buyer at an auction held by SDL Auctions Graham Penny at Pride Park Stadium.
It is thought the property will generate a rental income of approximately £70,000 per annum when renovated.
The upper floors look set to be converted into apartments
The restaurant was one of the Frankie and Benny’s chain’s smaller outlets.
The approved plans for its conversion include two ground-floor retail units, three one-bedroom apartments on the first floor, three further one-bedroom apartments on the second floor and a one-bedroom penthouse apartment on the third floor.
The building was once a Deep Pan Pizza restaurant, and is next door to Derbyshire Community Bank.
Granting permission in October, Derby City Council planners said: “The principle of redeveloping the application property for a mix of residential and retail uses is welcomed. The building is situated in a highly sustainable location and would help to create vibrancy and movement in the city centre in the daytime and evening.
Little Frankie’s restaurant on Cornmarket has been sold
“The proposed development is also considered to be acceptable in terms of its impact upon the character and appearance of the City Centre Conservation Area and, subject to conditions, the new residential development would provide an acceptable living environment for future occupiers.”
The identity of the buyer has not been revealed.
Source: Derby Telegraph